Donald Trump will impose a 39% tariff on imports from Switzerland, one of the steepest levies globally which threaten to leave the country’s key exports reeling.The outcome — detailed in an executive order Thursday — is higher than the 31% tariff rate Trump had threatened to levy in April and dashes hopes that the country would secure a more favorable deal.

Swiss officials plan to negotiate furiously for a lower rate in the coming days, before the punishing levy takes effect.